Revolut to Expand its Crypto Division by 20% Despite Halting Services for US Clients (Report)

The leading financial technology company – Revolut – reportedly plans to increase its global cryptocurrency team by hiring up to 20% more employees by the end of 2023.

The move comes somewhat unexpectedly since the firm recently disclosed that it will suspend digital asset services to US-based customers from September.

• As revealed by Financial News, Revolut is set to onboard over 1,000 people this year across the United Kingdom, Europe, and India. Approximately 40% of those people will be added to the UK unit. 
• The company is looking for candidates for numerous positions related to crypto compliance and investigations for global markets such as Spain, India, and Poland.

“We are indeed continuing to hire and grow the business as we continue to expand,” a Revolut spokesperson supposedly told the media outlet.

• Specifically, the fintech giant intends to increase its crypto headcount by roughly one-fifth before the year’s end.
• The upcoming hiring spree could indicate that Revolut remains committed to the digital asset industry despite the terminated services for American clients.
• It announced last week that US-based users won’t be able to purchase cryptocurrencies from the platform from September 2, whereas selling and holding will be ceased from October 3.
• Similar to some other companies, Revolut pointed out the regulatory uncertainty in the world’s largest economy as the main contributing factor behind its decision:

“As a result of the evolving regulatory environment and the uncertainties around the crypto market in the US, we’ve taken the difficult decision, together with our US banking partner, to suspend access to cryptocurrencies through Revolut in the US.”